Here, I have used MA , RSI , VOL , & DMI to identify the next move of Brent Oil. According to those indicators, it seems bullish ahead. We may see the following targets soon: $68.8 - $69.8 - $71+
But, if brent crude oil breaks the hurdle ( $66.60 ) and shows a closing price below it, we will see a heavy downfall. Targets: $64.6 - $62.8 and below
Midterm forecast:
54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 64.83 on 02/18/2021, so more losses to support(s) 58.65 and minimum to Major Support (54.40) is expected.
Price is...
Midterm forecast:
54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 54.40 on 02/01/2021, so more gains to resistance(s) 62.30, 66.05, 70.35 and more heights is expected.
Price is above...
Midterm forecast:
52.45 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 57.25 on 01/13/2021, so more losses minimum to Major Support (52.45) is expected.
Price is above WEMA21, if price drops...
Midterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 52.38 on 12/18/2020, so more losses to support(s) 48.95 and minimum to Major Support (46.50) is expected.
Price is...
Midterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 42.70 on 11/13/2020, so more gains to resistance(s) 54.40, 58.65, 62.30 and more heights is expected.
Price is above...
Midterm forecast:
46.50 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI downtrend #1 is broken, so the probability of continuation of uptrend is increased.
A trough is formed in daily chart at 42.70 on 11/13/2020, so more gains to resistance(s) 48.95, 54.40, 58.65 and more heights is...
Midterm forecast:
While the price is below the resistance 46.50, beginning of downtrend is expected.
We make sure when the support at 36.95 breaks.
If the resistance at 46.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is...
Midterm forecast:
41.70 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
We will close our open trades, if the Midterm level 41.70 is broken.
Technical analysis:
The RSI bounced from the resistance #1 at 55 and it prevented price from more gains.
A peak is formed in daily chart at 43.65 on 10/15/2020, so more losses to...
Midterm forecast:
46.50 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
Technical analysis:
A peak is formed in daily chart at 44.15 on 09/18/2020, so more losses to support(s) 36.95, 33.80, 19.40 and more depths is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against...
Midterm forecast:
While the price is below the resistance 46.50, beginning of downtrend is expected.
We make sure when the support at 40.00 breaks.
If the resistance at 46.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
A peak is formed in daily chart at 39.56 on 09/14/2020, so more losses to support(s) 41.70...
Midterm forecast:
. While the price is below the resistance 46.50, beginning of downtrend is expected.
. We make sure when the support at 40.00 breaks.
. If the resistance at 46.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08...
Midterm forecast:
While the price is below the resistance 46.30, beginning of downtrend is expected.
We make sure when the support at 36.95 breaks.
If the resistance at 46.30 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08 and the...
Midterm forecast:
. While the price is below the resistance 45.00, beginning of downtrend is expected.
. We make sure when the support at 36.95 breaks.
. If the resistance at 45.00 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08...
Midterm forecast:
. While the price is below the resistance 44.55, beginning of downtrend is expected.
. We make sure when the support at 36.95 breaks.
. If the resistance at 44.55 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08...
On 60 min time frame, there is an inverse head and shoulders pattern that has formed in Brent oil. Use dips till 56 and stop loss at 55 for a move to 60.
